ACCEPTANCE OF DEPOSIT
GoodÂ evening Doubts Â 1. Can u please give examples of notifies banking institutions. 2 instruments notified by RBI. 3. Who is sectoral regulator 4. At the end of the exceptions of deposit there it is given that monies brought in by members, director and their relatives prior to 1/4/2014 shall not be treated as deposit if the accounts are disclosed and the amount are shown, so does it mean that sec 74 shall not apply to them as they are not deposit prior to 1/4/2014?
1. There are many banks notified by the central government under Banking Regulations Act and Banking Companies (Acquisition and Transfer of Undertakings) Act. Some examples are Bank of Baroda, Punjab National Bank, Bank of India, Central Bank of India, Dena Bank, Canara Bank, Bank of Maharashtra, Syndicate Bank. 2. The words used in Rules are 'CP or any instruments issued in accordance with the guidelines and notifications issued by RBI". So, as such there is no notified list of instruments from RBI. Any money market instruments or capital market instruments regulated by RBI will be covered here. Example zero coupon bonds, commercial bills, etc.
3. For various sectors or industries in India we have regulatory or supervisory authorities made by central government. They are called sectoral regulators. They ensure organized development of those sectors. Eg: RBI for banks, SEBI for stock market and intermediaries, FSSAI for food safety, SIDBI, NABARD, etc. 4. I think you are talking about Rule 2(vii)(a) regarding amount received by way of subscriptions in securities without allotment before 1st April 2014 and disclosed in balance sheet. In such case S:74 won't apply, provided the allotment is completed or money is refunded till 1st June 2015
Please look into this ma'am ð???
Yes, section 74 will not apply on such deposits issued before 1/4/14.